Jobless rate steady in Minnesota at 5.8 percentThe Minnesota unemployment rate remained unchanged at a seasonally adjusted 5.8 percent in October, according to figures released this week by the Minnesota Department of Employment and Economic Development (DEED).
The Minnesota unemployment rate remained unchanged at a seasonally adjusted 5.8 percent in October, according to figures released this week by the Minnesota Department of Employment and Economic Development (DEED). The jobless figure remained well behind the U.S. rate of 7.9 percent in October.
Employers cut 8,100 jobs statewide in October. Those job losses, however, were partially offset by improvements in the September employment figures, which were revised from 5,900 jobs gained statewide to 11,000 jobs gained. Minnesota has added 34,700 jobs in the past year, an increase of 1.3 percent, compared with an increase nationally of 1.4 percent.
"Last month's numbers are a reminder that the economic recovery on a month-to-month basis is at times uneven," said DEED Commissioner Katie Clark. "We're encouraged, though, by the steady growth in many sectors, particularly construction, which has increased employment by more than 4 percent in the past year. Our labor force participation rate held steady and our unemployment rate consistently remains below the national average."
Construction led all sectors last month, gaining 1,200 jobs. That was followed by information (up 800), trade, transportation and utilities (up 400), and logging and mining (up 200). Financial activities held steady.
Job losses occurred in professional and business services (down 5,300), government (down 2,500), leisure and hospitality (down 1,100), other services (down 900), education and health services (down 600), and manufacturing (down 300).
Over the past year, the following sectors have added jobs: education and health services (up 18,600), professional and business services (up 6,500), construction (up 4,400), government (up 3,400), financial activities (up 3,000), information (up 1,600), other services (up 400) and manufacturing (up 400).
Year-over-year job losses occurred in leisure and hospitality (down 3,000), trade, transportation and utilities (down 400), and logging and mining (down 100).
In the state Metropolitan Statistical Areas, job gains occurred in the past 12 months in the St. Cloud MSA (up 2.3 percent), Mankato MSA (up 1.5 percent), Duluth-Superior MSA (up 1.2 percent), Minneapolis-St. Paul MSA (up 1.1 percent) and Rochester MSA (up 0.5 percent).
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.